The Baltimore Ravens are working on Plan A to reward quarterback Super Bowl MVP quarterback Joe Flacco. SI.com reports Flacco's agent, Joe Linta, is set to meet with Ravens negotiator Pat Moriarty this week to discuss the terms of a new contract.

The Ravens have the fallback option of applying the franchise tag to Flacco, but that's the route they would like to avoid for two reasons.

If they make him an exclusive rights franchise player—ensuring Flacco won't go to any other team—it would cost them $20 million. Baltimore's payroll is already $5 million over the NFL's salary cap, and that would make it even more difficult to bring back its four free-agent defensive starters: linebackers Dannell Ellerbe and Paul Kruger, cornerback Cary Williams and safety Ed Reed.

The non-exclusive franchise tag is a more modest $14.5 million for quarterbacks, but that would also open the door for another team willing to break the bank and part with two-first round picks to acquire Flacco.

Flacco is the Ravens' highest priority, not just as their most valuable player, but because taking care of him first would allow the Ravens to know just how much they have to spend to retain some of their other key players.

The trick for the Ravens is pleasing Flacco for the long term, but also doing it in a way where they can find some needed cap relief in the short term.

Flacco will stay a Raven. But Baltimore officials are also well aware of the opportunity costs that can come with such a steep price.